Reliance-owned RISE and ECB agree on a partnership to monetize virtual merchandise

6 Jul 2023 , 11:58 AM

For the ongoing Ashes series, which began on June 16 and will run by the end of this month, RISE Worldwide has signed an agreement with the England and Wales Cricket Board (ECB) to monetize virtual sponsorship inventory.

‘With the ECB, we have an agreement in place to control the Ashes’ virtual inventory rights. We previously had a contract with Cricket Australia (CA), and Nikhil Bardia, Head of Sponsorship, Sales & Talent at Rise Worldwide, revealed to ET that CA is now again in the process of awarding virtual inventory rights.

The business is supporting cricket associations in creating a fresh stream of income from the Indian market. These cricket regulatory bodies currently only receive a little amount of sponsorship money from the Indian market.

According to Bardia who told ET, ‘So far, we have worked with 10 to 15 brands on virtual inventory.’ One of the top sports marketing companies in the nation, Rise Worldwide, secured more than 60 sponsorship deals totalling $400 million for the Indian Premier League 2023.

In addition to the ECB and CA, he said that the BCCI and New Zealand Cricket had also experimented with virtual inventories.

With brand assets linked online, virtual inventory lies between outdoor advertising and television sponsorship.

‘Virtual inventory expands rights holders’ business opportunities. Virtual inventory gives marketers the freedom to change their creative for every match, according to Bardia.

Brands who purchase virtual inventory are guaranteed great visibility because the sponsor logo is added at the production stage, according to Bardia, who noted that cricket viewing is at an all-time high on both TV and digital platforms. He added that the sale of virtual inventory for matches involving the Indian squad can bring in between 1.5 and 2 crores for an international cricket board every match.

‘BroadcastVirtual is a pioneer in virtual branding. They work along with the manufacturing team and incorporate the logo into the manufacturing process, according to Bardia.

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